Understanding Equitable Distribution
If you are going through a divorce in New York, it is beneficial to have a good understanding of equitable distribution. The division of assets process can be quite confusing, but our experienced Buffalo family law attorneys are here to guide you through it. Contact the Law Offices of Randy H. Gugino today.
Understanding Equitable Distribution: A Few Things to Keep in Mind
According to New York State law, marital assets are divided in a manner that is equitable, but not necessarily equal. Typically, any property acquired before the marriage is considered separate property, and any property acquired during the marriage is subject to equitable distribution unless it can be show to have be acquired by use of assets that existed prior to the marriage, or are a result of a gift or inheritance during the marriage.
- Everything does not get divided equally among the two parties
- Assets that are acquired during the course of a marriage are considered to be marital assets
- If you receive a gift or inheritance during the marriage, it will not qualify for Equitable Distribution
- A home, personal property, investments, and savings accounts will split these between the parties during a divorce
- Pensions, 401k plans, and retirement benefits entitles you to a percentage of these assets, depending on how long you were married, and how long you were involved in the investment
- The division of assets can typically be worked through between the two parties rather easily
Contact Our Office Today
If you need caring, personalized help from an experienced law firm, look no further than the Law Office of Randy H. Gugino. For more than 30 years, we have dedicated our practice to serving clients throughout Buffalo and Western New York. For more help understanding equitable distribution, schedule an consultation with attorney Randy Gugino online or by phone at (716) 800-4652. Let our experience work for you.